China leads global blockchain patent application filed with 84%

China was once a pioneer in the crypto industry. With the country hosting a number of crypto-related platforms, the market boomed. Unfortunately, the government did not seem to warm to the level of decentralization that the crypto industry offered. Therefore, all crypto was banned from the country. Despite this, the region seemed to embrace the underlying technology of cryptocurrencies, blockchain.

According to recent information shared by Wang Jianwei, vice director of the Ministry of Industry and Information Technology, China accounted for the most blockchain patent applications filed worldwide. It was noted that China accounted for 84 percent of all blockchain patent applications.

In addition to this, Wang Jianwei pointed out the importance of blockchain technology. While China has clarified its stance on cryptocurrencies, Jianwei believes,

“… blockchain technology accelerates integration with the economy, services for people’s livelihoods, smart cities and administrative services.”

However, it should be noted that the time frame for the said percentage was under wraps. A study by research think tank 01Caijing and patent advisory firm PatSnap found that from 2015 to June 2021, China accounted for approximately 60% of all blockchain patent applications worldwide.

In addition, only 19 percent of China’s applications received a green signal. The United States came in second, but the approval rate was 26 percent. South Korea took over the third position, but the approval rate was at a high of 43 percent.

Does the Chinese government welcome blockchain technology?

China has time and again expressed disinterest in the cryptoverse. However, Xi Jinping, the country’s president, revealed that blockchain technology would play an important role “in the next round of technological innovation and industrial transformation.” Unfortunately, this did not include all blockchains

Permission blockchains were generally frowned upon. It should be noted that permissionless blockchains must obtain registration with China’s Cyberspace Administration.

In addition to this, the country has used blockchain technology to kick out crypto. Government-backed Blockchain Service Network [BSN] has reportedly been working to get rid of crypto from its network.

China has been vocal about its hostility to crypto, but blockchain may still have a chance to thrive in the region.